5 Emergencies That Could Cripple Your Business.
June 28, 2016 by ThySista
Filed under Business, Money, Opinion, Tech/Internet, Weekly Columns
(ThySistas.com) Owning a business isn’t without its fair share of risk. Often business owners feel as if they are moving from one crisis to another. In fact, the view of the business from the top can be very different from the reality of the business on the ground.
There are however some emergencies that really can do severe damage to your business or even put you out of business entirely. Let’s take a look at what they are.
Cash Flow Problems
When businesses are small, they don’t often have a lot of money in the bank. That means that if money isn’t coming in, it can be hard even to pay for the basics, like rent and wages. A loss of cash f
low can prove fatal to fledgling businesses. And sometimes companies that were perfectly viable can go out of business just from a single bounced cheque.
Often it’s hard to open up new credit lines with creditors, even if you can show your business is viable. And in turn, the company can quickly fail.
Equipment Failure
Many small businesses pour vast amounts of capital into machinery to make their products cheaply and at scale. But when equipment fails, it can spell disaster for the company. The interruption in production means that orders won’t be filled. And if orders aren’t filled, then new businesses can quickly lose their most lucrative customers.
That’s why it’s important to keep in close contact with services that can offer immediate assistance. Your business should make links with an emergency hose repair service, for example, just in case of failure. And it should have an inventory of replacement parts, ready to be installed at a moment’s notice.
Worker Injuries
Worker injuries are a nightmare for any company for many reasons. The first is the damage that worker injuries do to the reputation of the business. But the second is that they can often end up costing so much money that the company ultimately fails. Settlements with workers often run into the thousands of pounds. And so it’s imperative that companies make sure that a good insurer covers them. Well-prepared companies will have cover not only for their direct employees, but contractors too.
Loss Of Critical Data
These days, many companies rely heavily on leveraging data to be successful. Data are used for all sorts of purposes, from recording customer interactions to designing new systems. Therefore, data are mission critical for many companies.
Losing data can put companies of any size out of business. So it’s imperative that companies adequately protect and backup their data.
Network Failure
All the biggest companies you can think of today are utterly dependent on network infrastructure. Uber needs its app to work flawlessly across mobile devices. Facebook needs its servers to be connected to the internet. Even airlines are now dependent on access to internal and external networks. Network outages therefore can result in profound losses for businesses. And they’re rightly considered to be an emergency.
There are, however, some nifty solutions that you can use to monitor your network. Services like iGlass Networks are useful for monitoring connected systems.
Staff Writer; Brandy Wyatt
